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Price Signal Summary - Move Lower In USDJPY Appears To Be A Correction

OUTLOOK
  • In FX, EURUSD remains in an uptrend and has found support just below the 20-day EMA. Last week’s fresh cycle high reinforces a bullish theme. The focus is on 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing. Note that moving average studies are in a bull-mode condition highlighting bullish sentiment. Key short-term support has been defined at 1.0942, Tuesday’s low. A clear break of it would signal scope for a deeper correction, potentially towards 1.0864, the 50-day EMA.
  • The trend outlook in GBPUSD is unchanged and remains bullish. Last Friday’s gains reinforced this theme - the pair traded higher to breach resistance at 1.2546, the Apr 14 high and bull trigger. This also confirmed a resumption of the uptrend and has opened 1.2599, the Jun 7 2022 high. Support to watch is at the 20-day EMA, at 1.2438. A clear break of it is required to suggest scope for a deeper correction.
  • USDJPY rallied sharply higher last Friday and Monday’s gains highlighted a bullish start to the week. The pullback from Tuesday’s high is considered corrective - for now. Friday’s rally resulted in a break of 135.13, Apr 19 high, to confirm a resumption of the trend that started Mar 24. This paves the way for a test of 137.91, the Mar 8 high and a key resistance. Initial firm support is seen at 135.13, the Apr 19 high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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